GST's New Chapter
The FinMin proposed GST rate restructuring, with potential cuts announced by Diwali. This follows shifts in registration, refunds, and return processes.
The government faced criticism regarding GST, but it is pressing on with reforms. Experts are reacting to the PM's Diwali bonanza, and a single tax slab might be in the works by 2047. Also, India is aiming for self-sufficiency in critical minerals.
Growth & Infrastructure
India sees a surge in growth with EaseMyTrip's Q1 performance showing rises in hotels and packages. Mahindra is acquiring land and expanding its EV tech with a JV. In Bengaluru, housing prices are surging, and Mumbai is seeing the inauguration of new development projects. Kolkata Port has opened its first PPP terminal. BSNL launches 4G in Delhi, and BSNL service gaps were addressed in 6 states.
Financial Sector Updates
S&P has upgraded ratings of 10 Indian financial firms, signalling positive growth. UPI accounts for 50% of real-time transactions, as noted by PM Modi. Zaggle Prepaid Ocean's Q1 profit jumped 56%. ICAI is establishing an excellence center in J&K. Also, Palghar ZP employees are getting insurance through a UBI scheme.
Government Initiatives Focus
PM Modi is focused on boosting underperforming farm districts and fertiliser production, while aiming to cut imports. The PM Viksit Bharat Rozgar Yojana aims to create 3.5 crore jobs. Modi is also protecting farmers, livestock, and fishermen. The government continues with tax reforms, with income up to ₹12 lakh tax-free. PM Modi is pushing for quality products.
Global Market Moves
Mahindra is eyeing global markets with new SUVs and is expanding its hospitality plans. India is having trade talks with ASEAN in Jakarta this October. India is responding to US tariffs and is importing 2 million BPD of Russian oil in August. India aims to boost nuclear energy tenfold by 2047, with a Made-in-India semiconductor chip launch expected by year end.
